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Retirement Planning Services Lafayette IN

It’s never too early to start your retirement planning. The sooner you start the more money you collect. It’s important to look for quality jobs that have benefits packages you can take full advantage of. A 401(k) is a retirement plan set up by employers that allows employees to defer or invest a portion of their income, pre-tax, to their retirement plan. Here you’ll find useful retirement tips that will definitely help you with your retirement planning. Please scroll down for more information and access to the retirement financial advisors in Lafayette, IN listed below that can explain more and even get you started on your retirement savings.

David Diesslin
Diesslin & Associates, Inc.
(765) 497-7744
2639 Yeager Road
West Lafayette, IN
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Charitable Giving - Trusts & Foundations, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, BS, CFP®, MBA

Mr. James Robert Schrader, CFP®
415 Columbia St Ste 3100
Lafayette, IN
Firm
Morgan Stanley Wealth Management

Data Provided By:
Mr. David Carl Vorbeck, CFP®
(765) 742-8300
839 Main St
Lafayette, IN
Firm
Bison Financial Group

Data Provided By:
Mr. F. Stephen Dunnuck, CFP®
(765) 742-8300
839 Main St. Suite 100
Lafayette, IN
Firm
Bison Financial Group

Data Provided By:
Mrs. Constance E. Todd (RFC®), LUTCF
(765) 474-3220
839 Main Street Suite 360
Lafayette, IN
Company
Todd Financial Services, LLC
Qualifications
Education: Accredited Asset Management Specialist (AAMS)Certified Senior Advisor(CSA)LUTCFCertified for Indiana Long Term Care PartnershipPlan
Years of Experience: 19
Membership
IARFC, NAIFA
Services
Invoice, Portfolio Management, Retirement Planning, Seminars Work, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Asset Protection, Compensation Plans

Data Provided By:
Mr. Damon C. Newsom, CFP®
(765) 423-5621
250 Main Street
Lafayette, IN
Firm
City Securities Corporation
Areas of Specialization
Charitable Giving, Comprehensive Financial Planning, Education Planning, Estate Planning, Investment Management, Retirement Income Management, Retirement Planning
Key Considerations
Average Net Worth: $1,000,001 - $5,000,000



Data Provided By:
Mrs. Jessica E. Rebmann, CFP®
(765) 420-8420
415 Columbia St Ste 3100
Lafayette, IN
Firm
Morgan Stanley Smith Barney
Areas of Specialization
Comprehensive Financial Planning

Data Provided By:
Mr. James T. Macdonald, CFP®
(765) 742-7366
672 Main St.
Lafayette, IN
Firm
Gettings Reed Financial, LLC
Areas of Specialization
Asset Allocation
Key Considerations
Average Net Worth: $250,001 - $500,000

Average Income: $100,001 - $250,000

Profession: Business Executives

Data Provided By:
Mr. Troy King, CFP®
(765) 420-7248
133 N 4th St Ste 203
Lafayette, IN
Firm
Raymond James Morgan Keegan
Areas of Specialization
Asset Allocation, Comprehensive Financial Planning, Investment Management, Investment Planning, Retirement Income Management, Retirement Planning

Data Provided By:
Ms. Elaine M. Schamber, CFP®
(765) 807-0683
PO Box 4698
Lafayette, IN
Firm
The Schamber Group, Inc.
Areas of Specialization
Comprehensive Financial Planning, Employee and Employer Plan Benefits, Retirement Income Management, Wealth Management, Women's Finances

Data Provided By:
Data Provided By:

Investing in 401(k)s and IRAs

By Christopher Stella

So it’s the first day of work and HR asks whether or not you want to open up a 401(k) retirement account. “Heaven’s to Betsy” you say in your most petulant grandfatherly voice: why the hell do I need a retirement account? Ahh…so you say that now. But what happens when you’re 50 years old and realize that had you contributed a measly $100 a month to an account earning a reasonably conservative 6% interest rate, you could have been sitting on a cool $120,000. Not exactly a chunk of change to shake a cane at. But there’s more. Firstly, each of those piddly $100 contributions is tax free, meaning that had you not deposited them into the account, you would have only received about $60 to spend. Secondly, your employer (depending on their level of altruism) will frequently match those contributions up to a certain amount (usually between $1,000 and $2,000 a year). So now you’re talking close to a quarter of a million dollars, half of which was free!!!! Alright, so there’s a little more to it than that, but that’s the basic gist.

Statistics show that you need about 75% of your pre-retirement income to maintain a similar standard of living. So if you're making $150,000 a year, retire at 60, and stick around until you're 90, you'll need to save over $3,000,000. Here's are two easy ways you can make you can make that happen.

What’s a 401(k)?

A 401(k) is a retirement plan set up by employers that allows employees to defer (or invest) a portion of their income, pre-tax, to their plan. For example, if you make $45,000 a year, and contribute $2,000 to our 401(k), then you will only be taxed on $43,000 of your salary at the end of the year. Taxes on $2,000 are paid later when you take out the money during retirement. So why bother contributing?

A 401(k) is like a savings account on steroids. Because your deferral is pre-tax, it means you have more money to contribute, and a larger account grows faster. Further, employers often “match” or contribute a percentage of your deferral as well.

But don’t think that this is just some cash give-away-free-for-all. There are rules. First, the money can’t be withdrawn before the age of 59.5, unless there is an extenuating circumstance, such as serious financial hardship or disability. Otherwise, early withdrawals are subject to a 10% penalty, paid to the IRS. However, if you need to withdraw the money, as a result of the tax deferment on interest, the penalty isn’t significant. If your employer is also matching your funds, then the penalty is negligible.

The maximum current amount that can be invested each year is $15,000, as stated by the IRS. However, that number changes pretty regularly so check with your employer to figure out what the exact numbers are. But what if you leave your job? Well, it doesn’t really matter. You get to keep everything you’ve put in your account plus whatever portion of the money your employer has matched. And there are no penalt...

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